Treasury Auctions Explained For People With Short Attention Spans

My friend James Lavish published an excellent read last year, describing, in lay terms, how treasury auctions work and the terminology used to describe them.

Given that the market took a sharp turn lower on Thursday afternoon after the results of a dogshit (technical finance term #8203) 30 year treasury auction that posted a stunning 5.3 bps tail and a bid to cover that was the lowest since December 2021, I thought it would be a good idea to refresh myself and my readers on…well, exactly what the fuck all th…